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Richina Pacific Reports Net Profits For 2006

Richina Pacific Limited Reports Net Profits Of US$6.8 Million For 2006

Statement by John L. Walker, Chairman of Richina Pacific Limited [All Dollars are US$.]


Richina Pacific Limited (RPL) reported audited net profits of $6.8 million for the year ended December 31, 2006, as compared with $10.3 million for the year 2005.

Earnings per share were 4.55 cents, as compared with 6.82 cents for the prior year. Trading revenues for 2006 were $475.8 million, as compared with $504.5 million for 2005.

Net profits for the 2 nd half of 2006 were $3.2 million, in line with expectations that were reported to shareholders at the end of the 1 st half of 2006.

At year-end 2006, Richina Pacific maintained a strong balance sheet with total equity at $96.5 million, up from $83.9 million at year-end 2005. Total assets at year-end 2006 were $285.9 million, up slightly from $277.7 million at year-end 2005. The cash balance was $33.5 million and debt outstanding was $38.6 million.

As will be discussed in the 2006 Annual Report and at the Annual General Meeting, the results for 2006 represent a significant turnaround in the Company’s operations, most particularly at Mainzeal Property & Construction Ltd. and at Shanghai Richina Leather Ltd.


The Board believes that with the announced opening of the Auckland Arena in March, Auckland will have a magnificent new facility of which all will be proud and the issues associated with that project are very near their ultimate resolution.

Notwithstanding the significant losses experienced by Mainzeal in connection with the Arena project, Mainzeal has contributed profits to the reported net profits of RPL in 2006.

Ends

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